Sports Authority Files for Bankruptcy

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Tim Boyle/Getty Images(ENGLEWOOD, Colo.) — The shift to online shopping has claimed another retailer.

Sports Authority filed for Chapter 11 bankruptcy protection on Wednesday in order to “continue to adapt our business to meet the changing dynamics in the retail industry,” according to CEO Michael Foss.

The company has concluded that it will need fewer stores due to the high volume of online shopping. It has filed a notion to close those identified stores, which could end up being sold, or just remain closed.

Sports Authority is targeting about 140 locations in the U.S. and two distrubution centers in Denver and Chicago.

For the time being though, all stores across the country will remain open and continue to work on regular schedules. Customers will also have access to the website to purchase items online.

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